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Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to Marytown. For some people, retirement assets might not all be used during their lifetime. In this circumstance, a gift of unused retirement assets can help the Marytown friars to further our mission.
Benefits of Gifts of Retirement Assets
• Avoid potential estate tax on retirement assets
• our heirs would avoid income tax on any retirement assets funded on a pre-tax basis
• Receive potential estate tax savings from an estate tax deduction
How to Make a Gift from Retirement Assets
To leave your retirement assets to Marytown, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate the Conventual Franciscan Friars of Marytown as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on Gifts of Retirement Assets
Did you know that recent proposed estate tax law, both proposed and approved can affect your retirement assets which may be subject to a high tax rate if you leave them to your heirs at your death? The Secure Act of 2019 made several changes that could make charitable planning with retirement assets appealing. Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Conventual Franciscan Friars of Marytown. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
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Contact Us
Questions:
[email protected] or 847-367-7800 x242
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Designated Representative:
Very Reverend Lawrence Zurek, OFM, Conv., Rector
Our Legal Name: Conventual Franciscan Friars of Marytown
Tax ID#: 36-3525662